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Conoco Cutting 2016 Spending; Production to be Relatively Flat
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ConocoPhillips announced it is taking actions to maintain its strong balance sheet in response to both the weak outlook for commodity prices and expected credit tightening across the industry. The actions will position the company to accelerate shareholder value creation as prices recover.
Key Points: Guidance for 2016 capital expenditures has been lowered from $7.7 billion to $6.4 billion, primarily driven by reduced activity in the Lower 48. Guidance for 2016 operating costs has been reduced from $7.7 billion to $7.0 billion. Consistent with the capital reductions, the company has revised its full-year 2016 production guidance to be essentially flat with 2015 production of 1,525 MBOED, which excludes 64 MBOED for the full-year impact of completed dispositions. Achieved full-year…- ✓ Full news archive — U.S., Canada & international coverage
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